Europe is the world's largest market of heat transfer fluids consuming nearly one third of the total demand. Spain and Germany are the key consumers of heat transfer fluids in Europe, while countries such as France and Italy have comparatively small consumption levels. Oil & gas, chemical, and concentrating solar power industries are driving the demand for heat transfer fluids. The growing industrial expansions in the region have also led to increased consumption of heat transfer fluids. Various innovations, developments, and expansions in different industries have in turn made the region a potential growth of the heat transfer fluids market.

Silicones and aromatics heat transfer fluids are designed to operate at very high temperature. They are extensively used in spin and weave, plastics, wood processes, chemical, and food industries. Silicone & aromatics is the fastest growing heat transfer fluids segment with a CAGR of 6.83% to 2019. The major growth driver for silicone & aromatics is the growing oil & gas and chemical markets. The silicone & aromatics market has a wide scope in future, which in turn would help in increasing consumption of heat transfer fluids.

Silicone & aromatics heat transfer fluids are also the fastest-growing application of heat transfer fluids and are projected to be worth $383.2 million by 2019.

"Oil & Gas-The biggest application industry"

An estimated annual consumption of 102.54 KT in 2013 makes the chemical processing industry a leading consumer of heat transfer fluids. Heat transfer fluids owing to its properties such as inertness to chemicals and high thermal stability is used in manufacturing components such as tubes, pipes, bushes, gaskets that are used in the chemical processing industry to carry chemicals, fluids, acids, and others. Heat transfer fluids are also used majorly in industries such as electronics, semiconductor, food, household, and others.

The Dow Chemical Company (U.S.), Honeywell International Inc. (U.S.), BASF SE (Germany), Chevron Corporation (U.S.), ConocoPhillips (U.S.), and ExxonMobil Corporation (U.S.) are some of the major players in the heat transfer fluids market.

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